Mr. Alan Gray:

Thank you very much, Deputy, and I'm very aware of the letter, as you can imagine, but I just wanted to have it in front of me in terms of answering you. So, in terms of when ... why did I write that letter and what was the nature of it and what was the content, I was aware at that stage that there was a very widespread perception both in Ireland and internationally that the guarantee had worked in terms of stemming the outflow of funds to the banks.

But I was very much aware - and these were the same points I was making in my letter of the 25th, before that decision was made - I was very much aware that there was significant risks for the exposure for the Exchequer.